I received quotes from several contractors and the are all contained by the 25K range. So nearby will be about 15K not here over after the damage is fixed can I maintain the 15 K and not go after the 5K within revoverable depreciation?
Answers: Sure, but I wouldn't spend it. I'd bet you dollars to donuts those contractors are lowballing you, and it's going to be pretty close to $40K in the pause.
Also, don't pay any of them up front! Don't sign rotten that the work is done, until it's done!
How did this damage develop? Was this from a storm? Anything you replace from this damage can be depreciated. In your prior years of depreciation is carried over.
Answers: Sure, but I wouldn't spend it. I'd bet you dollars to donuts those contractors are lowballing you, and it's going to be pretty close to $40K in the pause.
Also, don't pay any of them up front! Don't sign rotten that the work is done, until it's done!
How did this damage develop? Was this from a storm? Anything you replace from this damage can be depreciated. In your prior years of depreciation is carried over.